2023 Year-End Tax Planning for Businesses
As businesses work to rebound after a challenging few years, strategic year-end tax planning has never been more important. With 2024 around the corner, it’s essential for businesses to be...
Key Tax Considerations for Real Estate Investors in 2023
Real estate investors should weigh important issues and changes in real estate taxation to strategically position their investments. Following, we highlight key tax considerations for real estate investors in 2023....
Year-End Tax Planning for Individuals
As we near the end of another turbulent year, it’s time to discuss the steps you need to take to reduce your tax burden for 2021 (and beyond). Unlike other...
Proposed Tax Increases on the Horizon
President Biden presented the American Families Plan in an April 28, 2021 address to Congress, which he proposed a federal spending program to support new educational and family programs.The plan...
COVID-19 Resource Guide: Everything You Need in One Place
Office Updates While BPW is categorized as an essential business due to the importance of tax filing and compliance services, our physical office is closed, but we are all successfully...
BPW Moves Forward with April 15 Deadline
The IRS and California Franchise Tax Board recently announced that the income tax filing deadline for individual 2020 tax returns and payments has been extended from April 15, 2021 to...
New Stimulus Package: What You Need to Know
The third stimulus package valued at $1.9 trillion made its debut last week after President Biden signed the relief into law on Thursday, March 11, 2021. The American Rescue Plan...
Update on Coronavirus Relief Programs
New Tax Relief & Grants will Support Businesses Impacted by COVID-19 As businesses and taxpayers continue to feel the effects of the pandemic into the new year, additional relief programs and assistance...
Year-End Tax Planning for Individuals
We recognize the impact this unimaginable year has had on all of us. There have been immeasurable shifts in our society, but our unwavering commitment to help guide you through...
Income Tax Relief in Response to COVID-19 Outbreak
On March 20, 2020, the IRS extended the federal tax filing deadline to July 15, 2020, three months after the normal April 15, 2020 deadline, to give all individuals and...
Homeowner Tax Deductions – A Housewarming Gift from Your Accountant
Purchasing a new home can be an exciting time, especially if it is your first. It can be a whirlwind—planning your budget, securing a loan and potentially improving the property....
Tangible Asset and Repair Regulations Reminder
Reminder: September 15th and October 15th are the deadlines to file Forms 3115 to proactively comply with the Tangible Asset and Repair Regulations (TARS), which went into effect for taxable...
Tangible Asset and Repair Regulations Update
As you may recall from a previous article, the IRS issued final regulations that provide guidance on whether businesses can deduct or must capitalize amounts that they pay to acquire,...
Targeted Partnership Allocations on the Rise
When working with partnership formation agreements for traditional partnerships and Limited Liability Companies, it has become increasingly more common to see a preference for targeted partnership allocations versus the more...
IRS Changes How Tips & Service Charges are Handled
As you may recall from a previous article, the new IRS rule on classifying tips and service charges was set to go into effect in June of last year, but...
The American Taxpayer Relief Act and How It Affects You
On January 1, 2013, by a vote of 89-8, the Senate passed H.R. 8, the American Taxpayer Relief Act of 2012. Congress then passed the Act by a vote of...
2012 Year-End Tax Planning for Individuals and Businesses
As 2012 is coming to a close, now is an ideal time to start preparing for all the available opportunities to reduce your tax burden. With the level of uncertainty...
IRS Audits Foreseeable for Ultra-Wealthy
The Internal Revenue Service (IRS) has ramped up its efforts in recent years by expanding its audits of the wealthiest individuals. Particularly over the last five years, the IRS audit...
Compliance Complexities
Although we have not seen major changes from 2010 on how your 2011 personal income taxes will be calculated, there have been a few changes to compliance that may leave...